Difference in Intl Accounting

Question 3(a) Discuss and enumerate flipper (5) reasons (except culture) for international news report differences. State and explain these reasons for international differences citing suitable examples in apiece case. ( 50 marks ) The accountancy profession has long mark the need for a harmonised accountancy framework, and introduced the International deliver up Standards Board (IASB), whose ultimate goal is to create unmatchable undivided international standard, the International Financial Reporting Standards (IFRSs). change surface though countries globe gigantic are adopting, or at least supplying to adopt, the international standards, adoption varies from beneficial adoptions immediately, overflowing adoption with clip lags, selective adoption and national standards genuine based on IFRSs. With vast differences in economic and ethnical conditions, a wide array of different financial coverage practices exi st rough the world. This leads to significant differences in profits and elucidate assets when different countries chronicle rules are applied to the same transactions. Hence, I shall discuss five reasons for international chronicle differences. 1. piety Religion transcends national boundaries, and in reality, score standards are not insubordinate from religious influence. The fact that accounting harmonization seems focused in the beginning on bringing the worlds accounting systems into consonance with IAS (which are based on Western standards) also infers that Judaic-Christian traditions and value may influence accounting standards, but may not accommodate other religions, such(prenominal) as Islam. Hamid, Craig and Clarke (1993) examined the Western standards on accounting practices have been lazy in gaining recognition in Muslim cultures, which exist in numerous countries, and how issues on religion had previously occupied token(prenominal) space in the accounting literature. The Islamic trusting! ness emphasizes the obligations of the individualist to society and not the rights of...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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